Economic Stimulus III? IV? Hell, Who’s Counting Anymore?
It’s tough to keep track of the numerous stimuli floating through Washington these days.
First, at the start of the year, we had the $168 billion package that delivered cash money to you and me.
Then Congress passed the $700 billion financial bailout — a jolt for Wall Street designed to thaw frozen credit markets by boosting lender confidence.
In the middle of the bailout debate, the House passed a $58-billion package aimed to help Main Street by doling out fresh cash for infrastructure projects, the unemployed and social programs like food stamps and Medicaid. It died in the Senate.
But with financial markets still on the fall, there’s now real talk of yet another injection of (borrowed) cash into the economy.
On Wednesday, House Speaker Nancy Pelosi (D-Cal.) told reporters that Congress might have to return to Washington after the election to work on a new stimulus bill. Estimated price-tag: $150 billion.
“What we can’t wait for is a stimulus package,” Pelosi said, according to numerous reports. “We may have to go back into session before the next Congress.”
Citing a Democratic aide, The Washington Post reports that the new package might include not only help for the states, but also another round of rebate checks for us. It must mean we weren’t patriotic enough the first time to fritter all our cash away.
Nice that Congress might lend a second chance.